Course of Annual General Meeting - Seite 2

8. Resolution on the discharge from liability of the Board and Executive Management.
The Board and Executive Management were discharged from liability.

9. Any proposal by the shareholders and/or Board.
The Board had submitted the following proposals:

9.1          Reduction of the Company's share capital by cancellation of treasury shares.
9.2          Approval of amendments to the Indemnification scheme for the Board
               and consequential changes to section 7 of the Remuneration Policy.
9.3          Approval of the Remuneration Policy, including
               A. Specification of the derogation clause in section 1 of the Remuneration Policy.
               B. Amendment of the terms for the maximum opportunity in the short-term
                   incentive plan for Executive Management in section 4 of the Remuneration Policy
               C. Amendment of the method of calculating the travel allowance for members of the Board.
9.4          Authorisation to the Board to let the Company buy back own shares.
9.5          Authorisation to the chair of the Meeting.

Re 9.1
The proposed resolution on the reduction of the Company's share capital by nominally DKK 7,000,000 by cancellation of a nominal amount of 7,000,000 treasury shares of DKK 1 as well as the amendment of Article 4.1 was adopted. The 7,000,000 shares have been acquired through share buyback programmes by payment of DKK 4,676,617,114 to the effect that in addition to the nominal amount of DKK 7,000,000 an amount of DKK 4,669,617,114 has been distributed. The purpose of the reduction is to cancel a part of the Company's portfolio of treasury shares, cf. section 188 of the Danish Companies Act. According to the Danish Business Authority's practice, this purpose may be compared to a capital reduction to be distributed to the shareholders, cf. section 188(1)(ii) of the Danish Companies